Sharjah bank to issue Islamic bonds

Sharjah, May 12 (IANS/WAM) The Sharjah Islamic Bank has said it would soon issue ‘Islamic bonds’ – called ‘Sukuk’ – that will be listed on the London Stock Exchange.

The bank has appointed HSBC and Standard Chartered as joint organisations to issue the US dollar-denominated Sukuk.

‘Sukuk issuance will support the bank’s strategic business expansion plan. The volume and value of the Islamic bonds are both subject to market conditions, and will be determined after the completion of road shows in the Middle East, Asia and Europe,’ said Mohammed Abdullah, chief executive officer of the Sharjah Islamic Bank.